T. Boone Pickens Proposes Plan to Wean US From Foreign Oil
In an Op-Ed piece today in the Wall Street Journal, legendary oil man and billionaire investor T.Boone Pickens, offered up his vision of how the US could find its way out of its dependence on foreign oil. The two key elements of his plan are to take advantage of what he calls the ‘Saudi Arabia of Wind’, which is the corridor from West Texas north to Canada. Mr. Pickens neglects to mention in his piece that he is making one of the biggest bets ever made on wind power- some $10 Billion of his own money- that is completely dependent on government subsidies of renewable power. But we digress.
The second part of his plan is to replace automotive fuels with natural gas- a fuel that is plentiful here in the United States. Right now much of our natural gas goes toward powering our electrical grid. Replace this with wind, Pickens says, and let natural gas power our cars.
As far as we’re concerned, it sounds like a pretty good plan so long as the American taxpayer is willing to foot the bill for the subsidies, and given the price of oil right now, they just might be willing to do it.
Newsweek has an article and video of Pickens describing his plan.
